Toronto Dominion Bank Sells 2,130 Shares of Reliance, Inc. (NYSE:RS)

Toronto Dominion Bank lowered its position in Reliance, Inc. (NYSE:RS) by 23.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,845 shares of the industrial products company’s stock after selling 2,130 shares during the quarter. Toronto Dominion Bank’s holdings in Reliance were worth $2,287,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Riverview Trust Co purchased a new stake in Reliance in the first quarter valued at approximately $25,000. Contravisory Investment Management Inc. purchased a new stake in shares of Reliance during the 1st quarter valued at $30,000. Partnership Wealth Management LLC bought a new stake in shares of Reliance during the 4th quarter worth $43,000. Rise Advisors LLC purchased a new position in Reliance in the first quarter worth $49,000. Finally, Rational Advisors LLC grew its position in Reliance by 33.6% in the first quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock worth $53,000 after acquiring an additional 40 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Insider Transactions at Reliance

In other news, COO Stephen Paul Koch sold 20,421 shares of Reliance stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $295.38, for a total value of $6,031,954.98. Following the sale, the chief operating officer now directly owns 7,552 shares in the company, valued at approximately $2,230,709.76. The sale was disclosed in a filing with the SEC, which is available through this link. In other Reliance news, COO Stephen Paul Koch sold 20,421 shares of the company’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the completion of the transaction, the chief operating officer now directly owns 7,552 shares in the company, valued at approximately $2,230,709.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $290.04, for a total transaction of $1,450,200.00. Following the completion of the sale, the director now directly owns 44,042 shares of the company’s stock, valued at $12,773,941.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,421 shares of company stock worth $11,866,855. Company insiders own 0.69% of the company’s stock.

Reliance Price Performance

Shares of Reliance stock opened at $304.05 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 3.21. Reliance, Inc. has a one year low of $237.14 and a one year high of $342.20. The business’s 50 day simple moving average is $291.43 and its two-hundred day simple moving average is $302.61. The stock has a market capitalization of $17.46 billion, a P/E ratio of 14.20 and a beta of 0.86.

Reliance (NYSE:RS) last issued its earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.08). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The firm had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same period in the previous year, the firm earned $6.49 earnings per share. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. Analysts forecast that Reliance, Inc. will post 18.63 EPS for the current year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend is Friday, August 16th. Reliance’s dividend payout ratio (DPR) is 20.55%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RS shares. KeyCorp lowered their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 3rd. Wolfe Research downgraded Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a research report on Friday. StockNews.com cut shares of Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Citigroup downgraded shares of Reliance from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th. Finally, BMO Capital Markets cut their price objective on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $329.40.

About Reliance

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.